ZAFAR MAHMOOD SHAIKH versus MESSRS AHMED FOOD INDUSTRIES (PVT.) LTD.
Applicants applying for termination of Sections 305, 306 and 309 were of the view that the company was facing financial liability for default by the company, hence, section 309 of the Company Ordinance 1984 305 Read with. Under Sec 309 (d), the Companies Ordinance, 1984, to maintain such application, under the Companies Ordinance, 1984, was a permanent lender to maintain such application and The company was called in to relinquish this responsibility, which led to its being exposed. In order to provide security under Section 309 (d) of the Ordinance Applicant, it was instructed for the first time to offer security in the amount of Rs. 25,000 in two weeks to the satisfaction of the High Court.
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